Laissez-faire

Laissez-faire is a certain belief in economics that governments should keep their hands off of business and led the companies work by themselves. Although this was a major enemy of socialism, communism, and Keynesian economics (virtually the left wing) of politics, the laissez-faire belief was employed in capitalism. The term was coined by French economist Francois Quesnay, and it was later employed by several other economists in their works. Adam Smith's argument of the Invisible Hand in his 1776 publication The Wealth of Nations showed what Laissez-faire's goals were, to show the invisible relationship between the producers and the consumers. He argued that, if the people working for producers were paid more by their bosses, they could purchase more goods, which would benefit the bosses; this cycle allowed for both sides to unwittingly help each other out.